Richard Spencer, head of sustainability for the Institute of Chartered Accountants in the UK, told The Guardian compulsory reporting was only one of many ideas such as regulation or voluntary standards that would encourage businesses to change their behavior.

Pavan Sukhdev, the study leader said in the article that exposing companies to such scrutiny would motivate more of them to follow the “leaders” in monitoring and improving their operations.

Joshua Bishop, the TEEB for Business report coordinator and Chief Economist of IUCN, also told The Guardian that better accounting of business impacts on biodiversity will be essential to drive changes in business investments and operations.